Premier Foods sales growth rises to 5-year high

British food producer Premier Foods has achieved its best sales performance in five years as UK consumers have tightened their belts on clothes and furniture shopping but continued to stock up their pantries. The company, which produces household brands in the UK such as Bisto gravy, Batchelors noodles and Mr Kipling cakes, said revenue rose 3.6 per cent to £819.2m in the year to March, which was its fastest rate of growth in half a decade. Pre-tax profits increased by 74 per cent to £21m. "The group notes the different trends seen between food and non-food sections of the UK consumer goods market, with food sector sales demonstrating stronger trends through the year," Premier said alongside its results. In the past three months, Premier's grocery sales soared by 9.4 per cent, while group sales rose 7 per cent, somewhat held back by lacklustre trading in its "Sweet treats" unit that produces cakes and desserts. A monitor produced by the British Retail Consortium and KPMG showed that sales in British retailers' shops fell 4.2 per cent last month compared to April 2017.